In a significant move after the recent death of Ratan Tata, the trustees of Sir Ratan Tata Trust and Sir Dorabji Tata Trust have now become permanent members of Tata Trusts putting an end to the system of fixed-term appointments.
According to a report by Livemint, this decision was taken in the board meeting of both the trusts held on Thursday. The report said that following this move, the board members will not retire until they decide to resign and the appointment of new members will be done only after the consent of all the members of the trust.
According to Business Daily, both the trusts collectively hold more than half of the shares of Tata Sons, a $165 billion company that includes shares of many well-known companies of the Tata Group. Tata Trusts manages all the philanthropic activities of the group.
According to the report, Sir Ratan Tata Trust holds 27.98% shares of Tata Sons, while Sir Dorabji Tata Trust holds 23.56% shares of the holding firm. This was the second board meeting held by the trust after appointing Noel Tata as the head of Tata Trust on October 11. However, Moneycontrol could not independently confirm the report.
Noel Tata was appointed after the demise of corporate icon Ratan Tata. Noel Tata is Ratan Tata’s half-brother.
Tata Sons, the parent company of the Tata Group, oversees 30 firms in various sectors, including hotels, automobiles, consumer products and airlines. Tata Sons has become a global business group with the acquisition of brands such as Jaguar Land Rover and Tetley Tea in the last few years. It owns Tata Consultancy Services, Taj Hotels and Air India. It is also Starbucks’ (SBUX.O) and Airbus’s business partner in India.
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